Finding Text
Assistance Listing No. title and number (federal award identification number and year):
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects
(Assistance Listing No. 14.155, 2007)
Auditor non-compliance code: B – Failure to make required residual receipts deposit
Finding resolution status: Resolved
Universe population size: 1 residual receipts deposit
Sample size information: 1 residual receipts deposit
Name of federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $666
Statement of condition #2024-001: The Corporation's required deposit into the residual receipts
account per the December 31, 2023 Computation of Surplus Cash, Distribution and Residual Receipts
was not deposited within 90 days of the fiscal year end.
Criteria: Pursuant to the Regulatory Agreement (form HUD-92466M) Section 11, surplus cash is
required to be deposited into a separate residual receipts fund within 90 days after the fiscal period
ends.
Effect: The Corporation is not in compliance with the Regulatory Agreement or communications that
the Corporation has received from HUD.
Cause: Management oversight. The Corporation did not make the required deposit with 90 days of
fiscal year ends.
Recommendation: Management should make all required residual receipts deposits per the annual
Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year
end.
Completion date: April 30, 2024
Reporting views of responsible officials: Agree. Management deposited $666 into the residual
receipts fund on April 30, 2024. No further action if required.